What is Downstream Property Insurance in the Energy Sector Market?
The downstream Energy insurance consists of businesses in power generation, electricity supply, renewable energy, oil refining, and petrochemical processing, against all risk of direct physical loss or damage to property including business interruption arising. In the energy industry, property insurance covers human life, the environment, and property from any accidents related to energy organization activities. The energy industry consists of a series of procedures, chemical reactions, and harsh and difficult working conditions which tend to increase the risk to cost-intensive property, human life, and the environment. Thus, the industry requires to be insured to cover a certain proportion of the liability in case of any accidents. Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Property insurance can include personal insurance, renter’s insurance, flood insurance, and earthquake insurance. According to the study, The Middle East Downstream Property Insurance in the Energy Sector market was valued at USD 1103.38 Million in 2020 and is expected to reach USD 1501.17 Million by 2026.
The market study is being classified and major geographies with country level break-up. According to AMA, the Global Downstream Property Insurance in the Energy Sector market is expected to see growth rate of 6.3%
AXA SA (France), Chubb (Switzerland), Tokio Marine HCC (United States), Liberty Mutual Insurance Company (United States), Allianz (Germany), American International Group, Inc. (United States), Berkshire Hathaway, Inc (United States), Munich RE (Germany), Zurich (Switzerland), Oman Insurance Company (United Arab Emirates), Al Ain Ahlia Insurance Co. (United Arab Emirates), International General Insurance Co Ltd (Jordan) and HDI Global SE (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Swiss Re (Switzerland) and Aspen Insurance (Bermuda).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Downstream Property Insurance in the Energy Sector market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Downstream Property Insurance in the Energy Sector market by Type, Application and Region. On the basis of Type, All-risk Physical Damage are dominating the market in the year 2020 where as Construction and Builders’ Risk stood as second largest market share.
On the basis of application, Oil Refining segment is dominating the market in the year 2020 where as Petrochemical Processing segment stood as second largest market.
On the basis of geography, the market of Downstream Property Insurance in the Energy Sector has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Demand for Up Surging New and Ongoing Projects
- The Increasing Awareness Regarding the Insurance for Energy Industry in Developing Countries
- Huge Enhancement for oil and gas protection Oil and Gas
- Declining Energy Prices
- The Increasing Cost of Oil and Gas Insurance Claims
- More inclination towards Digital Access and Enhanced Claim Settlings
- The Intense Market Competition across the globe
Market Leaders and some development strategies
In October 2021, AXA extends its commitment to fight climate change and protect biodiversity. AXA announces several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations.
In June 2021, Berkshire Hathaway Specialty Insurance (BHSI) announced that it has launched Energy and Technical Lines Casualty products in the UK and established a dedicated London-based Energy & Technical Lines underwriting team. to expand our casualty capabilities with the deep technical risk expertise of our new team,” said Hilary Browne, Head of Casualty, UK & Europe
Key Target AudienceDownstream Property Insurance in the Energy Sector Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Downstream Property Insurance in the Energy Sector Market?
"Rising Demand for Up Surging New and Ongoing Projects
" is seen as one of major growth factors of Downstream Property Insurance in the Energy Sector Market in years to come.
2. Can we have customized study for Downstream Property Insurance in the Energy Sector Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Downstream Property Insurance in the Energy Sector Market?
United States will lead Downstream Property Insurance in the Energy Sector Market in coming years.